FAQ for Self Employed Home Loans
Frequently asked questions on self-employment home loans or stated income loans.
Question: How good does my credit have to be?
Answer: You need a minimum credit score of 600 to be eligible for a stated income self-employment home loan. Past credit issues may be okay… READ MORE
Bank Statements are the New Stated Income Loan
Back in 2007 and 2008 during the subprime mortgage bust, stated income mortgages were a thing, but they tended to get people into a lot of trouble and made it possible to buy homes they really couldn’t afford. But, with a little bit of finesse, revising, and a lot of experience, we’ve now developed a new program called the bank statement home loan. READ MORE
Stated Income Loans are Available Again to Investors
Stated income home loans used to be widely available before the recession in 2008. And although we’re not back to the subprime mortgage bust, and hopefully never will be, these loans were extremely valuable and they’re making a huge comeback. READ MORE
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Common Sense Underwriting for a Stated Income Loan
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Donating and Decluttering Before A Move
The process of decluttering doesn’t have to be complicated. Start by making time to sort through your belongings before the move. The more time you have, the better, as it allows you to put more thought into decluttering decisions. Next, create a plan on how to tackle...
Surprising Things That Can Lower Your Credit Score, Even If They’re Good Financial Moves
Your credit score makes all the difference in your ability to buy a home and the terms you will get on your mortgage. While the credit score is designed to put a measurable quantity on your ability to manage debt, it doesn't give the full picture of your financial...
No Doc Loan and Home Mortgages
No Doc Loan and Home Mortgages W4CY: July 18, 2023 - Jackie Barikhan – My Lender Jackie NO DOC mortgage – Learning details of the NO DOC home loan program - Jackie Barikhan – www.mylenderjackie.com Choosing a Good Home Lender – Discussing the different types of loan...
Jumbo Loans: What You Need to Know About Financing Luxury Homes
If you want to buy a luxury home, it's important to know that the financing process can be slightly more complex than for a standard home purchase. In most cases, you will encounter something called a jumbo loan. But what exactly is a jumbo loan, and how does it work?...
Why PMI Isn’t a Good Reason to Delay Buying a Home (And When You Can Stop It)
For many hopeful first time homebuyers, the idea of adding PMI (private mortgage insurance) to the expense of owning a home is unwelcome. We get it. We've heard buyers say it feels like paying for nothing, or that they feel frustrated when it changes the home they can...
What is the Difference Between Pre-Qualification and Pre-Approval (& Which Do I Need?)
As you step into the mortgage lending world, there are many terms that can be confused with one another and even sound synonymous. Pre-qualification and pre-approval are a perfect example of this. Many people make the mistake of using the two interchangeably, but they...
Should You Refinance in 2023?
Should You Refinance in 2023? - The refinancing storm of the past few years has calmed down significantly as the FED has raised the federal funds rate, but that doesn't mean your opportunity to refinance has necessarily passed. There are still some people who would...
Welcome to my Blog!
Here you’ll find tips, updates on mortgage laws and changes that can affect your loan or approval. Check back often for more great ideas.